“Bitcoin and Gold Do the Same Thing in the Coronavirus Crisis”

Tyler Winklevoss, co-founder and CEO of the giant cryptocurrency exchange Gemini, also the investor of the biggest cryptocurrency Bitcoin, made a remarkable statement after the recent market crash. Tyler expressed his words during the still infancy of Bitcoin:

If Bitcoin is not “gold 2.0”, then what? The fact that it does not act as you expect shows it is too early.

Anthony Pompliano, co-founder of Morgan Creek Digital, which supports Winklevoss’s claim, has linked the recent crypto market crash to the liquidity crisis in the global economy and said:

Bitcoin and gold do the same, just as expected in a liquidity crisis. The same thing happened to gold during the liquidity crisis in 2008.

As Pompliano stated, in the 2008 crisis, metal markets suffered great losses as a result of the current liquidity crisis, and gold futures decreased by 4.25 percent and silver futures dropped by 8 percent in a single day in Indian markets.

At the time of writing, the largest cryptocurrency is trading at $ 5,408, while an ounce of gold is trading at $ 1,530.